Arthur J. Gallagher & Co has acquired a 40% equity stake in Indonesian insurance broker and risk management services provider IBS Insurance Broking Service, and taken over 100% of reinsurance broker IBS Re Singapore.
Details of the deal were not disclosed.
Established in 1975 as the first licensed insurance broker in Indonesia, Jakarta-based IBS Insurance Broking Service is now one of the country's most respected independent brokers, with revenues of over $10m. It offers integrated risk services and insurance solutions for major corporations, middle-market companies, small to medium-sized enterprises and individual customers across Indonesia, with a focus on specific industry sectors such as real estate; banking and finance; forestry and agriculture; marine; manufacturing; energy; construction; plants and equipment; and motor.
IBS Re Singapore was established in 2004 to serve the IBS Group customer base.
"IBS Group has been a key participant in Gallagher's strategic broker partner network, Gallagher Global Alliance, for more than 15 years," said J. Patrick Gallagher, Jr., chairman, president and CEO of Arthur J. Gallagher.
Ms Vyvienne Wade, CEO of Gallagher's overseas division, said, "Many of IBS Group's strengths are complementary to those of our London and Singapore-based specialty and reinsurance teams, which will generate a truly symbiotic relationship."
Arthur J. Gallagher, a global insurance brokerage, risk management and consulting services firm, is headquartered in Illinois. The company has operations in 35 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.